Economy & Politics

75 years of financial supervision in Luxembourg

The Financial Sector Supervisory Commission (CSSF) presented this Tuesday a book and a documentary produced on the exercise of the Luxembourg supervisory authority since 1945.

The Financial Sector Supervisory Commission (CSSF) presented this Tuesday a book and a documentary produced on the exercise of the Luxembourg supervisory authority since 1945.

(DH) – A book, “which is not just a compilation of beautiful pictures, according to the Minister of Culture Sam Tanson (Déi Gréng), and a film: it was necessary to celebrate with great pomp 75 years of financial supervision in the Grand Duchy.

It was in fact on October 17, 1945 that the post of Supervisor of banks, the ancestor of the current regulator, was created by Grand-Ducal decree. Luxembourg was then lagging behind in this area and it is Pierre Werner, the future Minister of State and Finance, who inherited the post he held until 1949. The government advisor was inspired by the practices adopted in Germany, Switzerland and Belgium to establish the authority of Luxembourg control.

Financial supervision has developed over the years, parallel to the growth of the financial center, recalled Pierre Gramegna, the Minister of Finance. After modest beginnings in the early 1960s, Luxembourg has today established itself as a stronghold in the sector. A sector that today contributes to 31% of gross domestic product (GDP) and which employs more than 50,000 people.

Over the past seven years, the Financial Sector Supervisory Commission has doubled the number of its employees who are approximately a thousand nowadays. That is almost double the number of employees of the competent authorities in Belgium or Switzerland.

Written by historians Benoît Majerus, Benjamin Zenner and Christopher Kopper, from the Center for Contemporary and Digital History C2DH, the book also contains a detailed chronology of the events that marked the development of financial supervision in Luxembourg, the financial center and the Luxembourg economy in general. A downside however, the insurance sector, one of the three pillars of the Square, is not mentioned in this richly documented book.


Wirtschaft, Classification des Banques, Finanzplatz Luxemburg, Banken, Deutsche Bank, KPMG. Photo: Gerry Huberty / Luxemburger Wort

Hundreds of British finance companies have submitted requests for exemptions to be able to continue their operations from the Grand Duchy after the United Kingdom’s departure from the EU, Claude Marx, director general of the CSSF said Thursday evening.


As for the film “The surveillance of the financial center (1945-2020): an unpublished story!”, It was directed by Claude Lahr and produced by PTD-Paul Thiltges Distributions. Witnesses: regulators, financiers and lawyers testify to the evolution of regulatory activity.


Tags

Related Articles

Back to top button
Close
Close